Capital gains lock-in and governance choices

Differences in accrued gains and investors’ tax-sensitivity induce variation in a capital gains lock-in effect across mutual funds even for the same stock at the same time. Exploiting this variation, we show this effect influences funds’ governance decisions: higher capital gains decrease the likelihood a fund exits prior to contentious votes and increase the likelihood a fund votes against management. Consistent with tax motivation, these findings are concentrated among funds with tax-sensitive investors. Further, high aggregate capital gains across funds holding a stock predict a higher likelihood management loses a vote and a lower likelihood a contentious vote is proposed.     

Who benefits from partial tax coordination?

In this paper, we investigate whether partial tax coordination is beneficial to countries within and outside a tax union, in which countries are supposed to compete in taxes and infrastructure. Our results demonstrate that a subgroup of countries agreeing on a common tax rate can harm both member and nonmember states. This is in contrast to the classical findings that partial tax harmonisation is Pareto improving. When a minimum tax rate is imposed within a tax union, we demonstrate that it does not necessarily improve the welfare of the member countries. Moreover, both the high‐tax and low‐tax countries can be worse off. This conclusion is at odds with the classical result that a high‐tax country benefits from the imposition of a lower tax bound.     

欧盟视阈下在线平台中个人数据的增值税处理

近年来,在线平台的迅猛发展推动了全球经济数字化加速转型,但同时也引发了包括增值税政策适用在内的诸多挑战.通过研究《欧盟增值税指令》和欧州法院的判例法,以及分析个人数据与在线平台运行之间的关系可以推断出,个人数据是在线平台提供访问服务构成的增值税应税范围内的供应,且与消费者是否向在线平台支付金钱形式的对价无关.在实践中,使用客观价值方法来确定在线服务供应的应税金额存在实际困难,而使用直接联系标准解决易货交易问题,会导致增值税税基在本质上得到扩张.因此,建议当前不要将在线平台访问服务的供应视为一项应税交易.此外,对于商家为获得消费者数据而向平台付款的情形,因其不符合直接联系标准,也不应被视为服务对价.     

Personal Income Tax Reform in China in 2018 and Its Impact on Income Distribution

In the context of personal income tax (PIT) reform in China in 2018, this paper examines some of the major issues of concern regarding the reform and income distribution. Using the China Personal Income Tax Micro‐simulation model, the paper compares the differences between the 2011 and 2018 PIT systems, and finds that residents relying on different income sources may face a large degree of real tax rate change. Once the tax system is altered to PIT 2018, the coverage of PIT for wage earners will decrease from 46.9 to 23.4 percent, the income redistributive effect will drop from 1.95 to 1.22 percent and the PIT's role in fiscal revenue will also be negatively affected. Nevertheless, if individual income continues to grow, the share of PIT in fiscal revenue is expected to return to the 2018 level in 2022, but its income redistribution function is difficult to recover in the short term. The paper finds that the effect of PIT on income distribution depends on the tax structure. Gradual transition to an “entirely comprehensive” tax system when conditions are appropriate will achieve better income redistribution results at a lower average tax rate.     

Local tax interaction and endogenous spatial weights based on quality of life

This paper studied the role of municipal quality of life as a driver of strategic tax interactions among local governments. A number of studies point out the existence of strategic interactions using spatial econometric models in which the spatial weights are mostly based on non-economic criteria or basic economic variables such as per capita gross domestic product (GDP). We propose the more sophisticated well-being indicator of municipal quality of life as the driver for these interactions. To deal with the potential endogeneity, we rely on instrumental variable estimators. The empirical analysis focuses on the main local tax in Spain (property) and on municipalities with more than 50,000 inhabitants, and it confirms the relevance of differentials in quality of life for the understanding of tax choices.     

Impact of modern communication infrastructure on productivity,production structure and factor demands of US industries: Impact revisited

This study investigates the contribution of modern communication infrastructure characterized by high speed broadband access network on the productivity growth, production structure and factor demands for US industries and for the aggregate economy. To evaluate such contribution, we modify the traditional cost function by incorporating communication infrastructure as input in production process in conjunction with other public infrastructures. The network externality and spillover effect of broadband access technology are captured by introducing broadband penetration rate as a shift factor in industry level production function. Empirical results show that the increased use of modern communications infrastructure increases the productivity of all industries with wide variations across industries. Estimated impacts on input demands show that increase in use of communications infrastructure service saves labor and materials and increase the demand for private capital. Finally, aggregate social rate of return on such investment has been estimated for policy implications.     

R&D Investments and Tax Incentives: The Role of Intra-Firm Cross-Border Collaboration*

U.S. multinational corporations increasingly use intra-firm, cross-border research collaboration to disperse R&D across different countries. This paper investigates the implications of such collaboration on the abilities of firms to garner benefits from R&D tax incentives. We find that the association between R&D intensity and tax incentives is three to five times larger when firms have extensive cross-border collaboration connected to a country. We also find that the effect is stronger when local intellectual property protection is weaker and when local innovation resources are higher. Our results suggest that cross-border collaboration helps firms achieve more tax-efficient R&D investments both by reducing the nontax frictions posed by weak intellectual property protection and by increasing the nontax benefits of foreign R&D.     

对纳税筹划问题的理性思考

纳税筹划近年来日益受到人们的关注,但国内研究多侧重于筹划策略和方法。本文试图从理论上对纳税筹划的必然性、可能性及其经济和社会效应进行较深入的探讨,完善纳税筹划的指导思想,纠正对其错误的认识。     

董事利益保护刍议

董事会中心主义的确立，董事义务与责任体系的完备，使得对董事利益的保护成为公司经营管理效率提高的必要前提。如何建立符合中国实际的董事利益保护机制是摆在法学研究者面前一个紧迫而重要的课题。     

略论明代武当山香税的征收与管理

明代的香税以泰山和武当山的数量和影响为最。武当山香税的征收始于明孝宗弘治六年（1493年），是明代最早征收香税之地，由湖广布政司和提督太监委派的官员即均州千户所千户和太和宫提点负责。打着维修庙宇的旗号而征收的香税，在嘉靖以后还用于赈济灾荒，抵宗藩、官兵俸粮之不足等事项，正是明代中后期国家政治腐败、财政危机、加派风行的必然结果。